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India: Price Stabilization Fund in agriculture to be used for cereals and vegetables

According to business-standard.com, The Price Stabilization Fund (PSF) proposed by the Finance Minister Arun Jaitley in the last Union Budget is likely to be used exclusively for vegetables and cereals to prevent them from extreme price volatility.

Informed sources said that PSF will be stationed in the ministry of agriculture and an initial Budget has been sanctioned for the same. This is for the first time that a PSF exclusively for fruits and cereals has been created. Until now such a facility was available only for oilseeds and pulses.

Officials in the know said that such a fund will be operated through National Agricultural Cooperative Marketing Federation of India (Nafed).

The state governments will purchase vegetables and cereals from an open market and distribute it at cheap rates through Nafed outlets and state cooperatives.

Click here to read the complete article at business-standard.com